Microinsurance has emerged as a critical tool for strengthening financial resilience in Bangladesh’s aquaculture and fisheries sector, which faces significant risks such as disease outbreaks, adverse weather conditions, and market volatility. To address these challenges, INNOVISION and Green Delta Insurance organized a Product Design Workshop on February 26, 2025, at Motsho Bhaban, Dhaka, as part of the ongoing project ‘Developing a Microinsurance Product for the Aquaculture/Fisheries Sector in Bangladesh’, implemented by Swisscontact and funded by the Swiss Agency for Development and Cooperation (SDC).
The event gathered key stakeholders, including government officials, researchers, industry experts, and representatives from feed companies, aqua chemical companies, hatcheries, nurseries, and farmers, to design a tailored microinsurance solution for fish farmers.
Dr. Md. Abdur Rouf, Director General of the Department of Fisheries (DoF), attended as the Chief Guest, while Dr. Anuradha Bhadra, Director General of the Bangladesh Fisheries Research Institute (BFRI), was present as the Special Guest. Their participation highlighted the importance of collaborative efforts in tackling challenges within the aquaculture and fisheries sector.
Facilitated by INNOVISION’s Managing Director, Rubaiyath Sarwar, the workshop focused on aligning project goals, identifying risk factors, discussing training and distribution strategies, and developing an efficient claims process. Participants engaged in discussions on the challenges and opportunities in fisheries microinsurance, leading to the creation of a preliminary prototype for a viable bundled microinsurance product.
The workshop fostered collaboration among stakeholders, offering valuable insights into the risks faced by fish farmers and potential financial solutions. It concluded with a consensus on pilot testing and further stakeholder engagement, marking a significant step toward ensuring financial security and risk mitigation for Bangladesh’s aquaculture industry.
INNOVISION remains committed to driving innovation and sustainability in the aquaculture and fisheries sector, paving the way for a more resilient future for fish farmers in Bangladesh.